Lee B

There have been several recent threads with lengthy discussions of this issue with some posters in favor of just correcting the carryforward amount in the current return and other posters in favor of amending returns. One thread started on March 1st and the other started on March 16th, which will give you the pros and cons both approaches.

https://gis.fema.gov/maps/em_3592.pdf

I get the fact they are your friends, but doesn't it create a weird dynamic

"IRS Announcement 2023-12 informs taxpayers and practitioners that the IRS has revised Form 3115, Application for Change in Accounting Method, and its instructions. The Form 3115 (Rev. December 2022) is the current Form 3115 (December 2022 Form 3115) and replaces the December 2018 version of the Form 3115. Announcement 2023-12 also provides guidance to allow for a reasonable period for taxpayers to transition to the December 2022 Form 3115."

From my point of view, without the legal documents, everything is still to be decided?

Frankly, this isn't encouraging. If I had been advising a seller in a similar situation I would have insisted on a separate written covenant non compete agreement with a separate 5 year payment structure clearly spelling that each year's payment was specifically related to the same year's non compete.

"Qualifying for an HSA Contribution To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements. You are covered under a high deductible health plan (HDHP), described later, on the first day of the month. You have no other health coverage except what is permitted under Other health coverage, later. You aren’t enrolled in Medicare. You can’t be claimed as a dependent on someone else’s 2022 tax return. If you meet these requirements, you are an eligible individual even if your spouse has non-HDHP family coverage, provided your spouse’s coverage doesn’t cover you. Also, you may be an eligible individual even if you receive hospital care or medical services under any law administered by the Secretary of Veterans Affairs for a service-connected disability." Last year I had a client who paid penalties on his HSA contributions because his spouse was a teacher and he was still covered under her policy.

Depending on how the covenant not to compete is worded and structured it could go either way. There isn't enough information to tell.

I remember you posting about this family. I would keep any explanations very short and to the point. Don't make any excuses or point any fingers. Just say you have decided to work by yourself and leave it at that. The more you say the longer the conversation will get. Good luck

How the heck did your co-worker's entire family ever get involved? You don't have to explain, it's just weird!

https://www.irs.gov/newsroom/net-operating-losses Example: "Alternatively, assume a corporation was formed in 2017. In 2022, the company has $200 of income and has NOL carryforward of ($20) from 2017 and ($180) from 2021. Section 172(a)(2) provides that the NOL deduction equals the 2017 NOL15 plus the lesser of the 2021 NOL16 ($180) or 80% of $200 ($160). In that case, net taxable income would equal $200 less the 2017 ($20) NOL and less the ($160) allowed NOL from 2021 = $20."

Catherine, so are procrastinating or do you just have too much time on your hands

"Call IRS e-file Payment Services 24/7 at 888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling."

I believe that would probably incur a $75 penalty. The IRS has a 1-800 number you can call to make changes.

The IRS has a 1-800 number you can call

Why don't you just let it go?

Leaving for Kauai on April 17th for 2 weeks

I almost hate to post. Easing my way further into semi retirement is going smoothly. I just finished my last tax return except for 3 extensions that I will prepare in May after we return from vacation. Now to finish all of the first quarter payroll reports and March Financial Statements.

NECPA, that's a very heavy load that you are carrying. When you can take deep breath, exhale slowly and give yourself a few minutes of piece and quiet.

The IRS won't disclose how many employees are still working remotely from home. Sounds like you found one of them.

Please feel free to interpret this however you want: https://www.irs.gov/newsroom/irs-taxpayers-now-have-more-options-to-correct-amend-returns-electronically

A superseded return can be filed anytime prior to the original due date. The big advantage of filing a superseded return is that it replaces the original efiled return, while an amended return is considered to be a correction which is processed manually which will take 5 or more months.

"Additionally, a new, electronic checkbox has been added for Forms 1040/1040-SR, 1040-NR and 1040-SS/1040-PR to indicate that a superseding return is being filed electronically. A superseded return is one that is filed after the originally filed return but submitted before the due date, including extension." Drake has a checkbox titled "Superseded Return" in their 1040X screen. My understanding is that you are not preparing an amended 1040 X. Drake gives you the option to print "SUPERSEDED TAX RETURN" at the top of the revised Form 1040.

Can't you enter the original payment on line 24?